Green Light for PPM Energy Wind Power Projects

Anyone doubting whether the on and off again status of the federal Production Tax Credit (PTC) for wind power leads to boom and bust periods for the wind power industry need simply take note of all the recent wind power project announcements since the tax credit’s recent reinstatement. PPM Energy is just the latest company to announce a go-aheads for projects.

The company is planning to build two new wind farms generating a combined 175 MW. The fully permitted projects, a 75 MW Klondike II wind project in Oregon and a 100 MW Trimont wind project in Minnesota, are expected to be completed in 2005. PPM also announced it has signed a 15-year power purchase agreement with Great River Energy, an electric cooperative, for all the Trimont output, and the output from Klondike II is also expected to be sold under long-term agreement currently under negotiation. The capital invested in these two projects is expected to be approximately US$200 million. According to the company’s press release, PPM already controls 830 MW of wind energy, and has another 200 MW at late-stage development with further announcements expected shortly. Development of these additional projects will bring the company’s total wind portfolio to more than 1,200 MW by the end of 2005, well on target toward its goal of at least 2,000 MW online by 2010. More than 80 percent of PPM’s existing wind resource is sold under long-term contracts. “We welcome the approval of the Production Tax Credit,” said Terry Hudgens, Chief Executive Officer of PPM. “This legislative action will further boost PPM’s strong development, construction and energy supply options to meet customer demand for renewable energy throughout the country. We are optimistic about the prospects for further substantial wind farm development in the coming year.”
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